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Hello everyone, I feel so honored to learn about non-custodial marketplace, all thanks to Prof @sapwood. Below is my done-task.

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Non-custodial Marketplace

Non-custodial marketplace or exchange is simply a trading platform where users or investors are in total control and in complete authority of the security of their assets. By being in complete control of the security of their asset, they have the passwords or keys or seed phrases of their account and they need no intermediary to regulate their transactions on their behalf. They do everything on their own and on their own will.

Non-custodial marketplace is completely a peer-to-peer trading platform. By this, I mean that two persons can buy from and sell to each other without any intermediary or third party.

But in cases where there seem to be some kind of dispute or no consensus between the trading parties, the employment of the escrow service is always necessary.

Escrow service is actually a third party who withholds the funds or assets of two trading parties during some uncertainties until the contractual obligations for each party is fulfilled.

There are non-custodial wallets and one of the popular non-custodial wallet and marketplace widely used in the world is the Localcryptos.
Localcryptos marketplace is a peer-to-peer marketplace where two persons can comfortable buy from and sell to each other when they have reached a consensus (agreement).

Localcryptos lets its users trade a particular crypto for another crypto and also allows its users trade crypto for fiat currency.

With over 40+ fiat currencies available on the platform, Localcryptos also have cryptos like BTC, LTC, DASH and ETH readily available for trading with no hassles. This means that Localcryptos is a user friendly trading platform.
All a user needs to do is to be very careful with his or her keys as his funds are at risk if the keys are disclosed. Also if a user loses the keys, he can't recover the account, everything asset in the wallet will be lost and gone.

1. How To Setup A Niche In Localcryptos.

To be able to do this, one needs a smart phone or PC. I will be demonstrating this using my smart phone.

First I will have to visit Localcryptos.com/signup

There are two options here to signup with. Since it is recommended that i sign up with gmail, i chosed the option and clicked on continue

I had to provide my email and also chose a username and password for myself. And also agree to the terms of their service by ticking all the three boxes, then I proceeded by clicking create an account

Here, I have to prove that I am not a robot.

My account has been successfully created.

A verification message was sent to my mail so I will verify and since I am not in Australia, I declared that I do not reside in Australia and clicked on continue.

My account has successfully been set up and verified. Here we have the Buy and Sell options.

Buy option displays which crypto I'll love to buy, the username of the seller, the price of the crypto, and which method I want to use as payment.

The sell option displays the list of cryptos ready for sell, the username of who is selling, the price, the limit and the payment.

2. My Non-custodial Wallet In Localcryptos.

To indicate my non-custodial wallet in Localcryptos, I will use the following procedures..

I clicked on wallet on the home page of my logged-in account.

Here are the list of the four cryptocurrencies available in Localcryptos. Clicking on each of them will reveal some details about the wallet.

Here is my BTC wallet with the public address

Here is my ETH wallet with the public address

Here is my DASH wallet with the public address

Here is my LTC wallet with the public address.

Here is my LTC wallet after funding it

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Importing My Wallet Private Keys.

To import my wallet Private key, all I need to do is to click on any wallet of my choice..

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I clicked DASH. And then clicked on the download icon right below the public deposit key.

Here is a screenshot of my DASH private key here in Localcryptos which i can export to any other wallet.

How To Secure My Keys

With the way hackers are rampaging the Internet, the best and safest way of securing my keys to write them down in my diary and save it offline. Aside writing them down, I can as well print it and save it offline in my safe.

Backing Up My Wallet In Localcryptos To Secure My Funds.

Backing up my wallets has no hassles, it is quite easy.

From my wallets in Localcryptos, I will scroll down to where I have back up your wallet and click on it.

On this window, I will click on Download wallet backup. This option will download my wallet keys in the JSON format and I can now save them in a safe harbor.

Can You Re-Import The Wallet Of Localcryptos In Other Wallets (Of Different Services)?

I can comfortably re-import my Localcryptos to another wallet provided the other wallets allows and supports importation..
This can be possibly achieved with the aid of my private key. All I will need to do is to copy my preferred crypto wallet private key in Localcryptos and then use it to import my wallet to another decentralized wallet service that accepts importation.

3. How many different fiat options available in Localcryptos?

To be able to trade the different crypto assets (BTC, ETH, DASH, LTC) available in Localcryptos fiat, there are over 40+ different fiat options available some of which are MoneyGram, Bank Transfer, Weston Union, International Wire Transfer, PayPal, Cash Deposit, Skrill etc.
There are so many options which users can choose from.

Users can also make these payments in their native fiat currencies. For example I am in Nigeria, I am comfortable with the Bank Transfer option and I can make this transfer with NGN which is my native fiat currency.

4. How Secure is Localcryptos as a non-custodial p2p market?

Localcryptos as a non-custodial p2p market is very secure in that it is a decentralized marketplace. But every security risk is in the hands of the user. If a user cannot take good care of his keys or login details then the security will become perforated and this will lead to lost of funds or assets and this simply means that the security has been compromised. But technically and practically, Localcryptos is very very secure.

Localcryptos makes use of on-chain escrow service during some uncertainties in consensus amongst the buyer and the seller. This therefore means that two people can confidently transact with each other knowing that there will always he transparency and that their funds will not be lost. This is another beautiful selling point of Localcryptos in terms of security.

How does escrow protection safeguard both buyers and sellers?

When there is no consensus between the buyer and the seller, escrow service will be employed and what the escrow service will do is to ensure that every contractual obligations are fulfilled. The escrow service will look into ensuring that fairness and equity is seen between the buyer and the seller and ensures that the rightful owner of the asset or funds gets it and doesn't stand the risk of losing his funds. Since transactions in the Localcryptos marketplace are encapsulated by smart contracts, transparency is bound to thrive.

So in summary, the escrow service safeguards the buyers and sellers in the following ways

• It provides security during transaction between the buyer and the seller

• Should incase a buyer fails to make payment within a specific period of time, the escrow service will time out the transaction.

• The escrow service serves as a judge between the buyer and the seller when there are disagreements and ensures that funds or assets gets to the right owner after fair judgement.

How To Create An Offer In Localcryotos As A Market Maker

Creating an offer in Localcryptos are categorized into three different categories. These categories are Offer category, Payment details and Ads details. Since I already have some funds in my LTC wallet, I will have to create an offer with it. Below are the steps.

On my logged-in Localcryptos.com home page, I will click on offer.

I will now click on create new offer

I will first select the Offer Category

• Since the offer I wish to create is the LTC, I will click on LTC.
• Then I selected the city I wish to be publicly displayed to the buyers.
• Then chose which currency I wish to accept payment with and my preferred currency is NGN.

As i am done with the Offer category, i will now move to Payment details.

I will love the bank transfer option so i chosed Bank Transfer.

I then chosed the Dynamic Market Rate since it is gonna be easy.

Then clicked on Continue to configure rate where I kept the percentage margin at 1% above Binance LTC/USD rate. There after, I continued to step 3

On step three which is Ads details, I will first type the headline that i want to stand out so I typed in LTC Trade.

I will have to provide my terms of trade and my terms of trade is Bank Transfers Only

Then next I will have to set my trade limit since I wouldn't want to accept any trade size.

Next I will have to set my time zone. My time zone is GMT+01. Also, i will have to set the time I will be available for contact so I opted for 8am to 4pm.

And next, I do not wish to restrict anyone who hasn't verified his or her phone number with Localcryptos so I selected anybody.

I wouldn't really bother about anyone revealing his or her country since that might really not be true so I opted for a No

So after all set and done, I will now click on Post Offer as I have now created an offer as a Market Maker.

And this is my offer which was successful posted for me as Market Maker and buyers can always see it in the browser category of Localcryptos. It is actually not highlighted because it is not yet my trading hours so it is assumed that i am sleeping.

How to Sell as a Market Taker in Localcryptos?

Now, since I am now taking the position of a market taker, I have to opt to the sell option. I would love to sell LTC and my payment option remains Bank Payment.

Then I will select a buyer of my choice with respect to how much percentage above market price the trader wishes to buy. This trader wants to buy 5% above market price then i will hit sell button to proceed.

I typed in the amount in NGN that I wish to sell my LTC asset and after which, I begin a chat with the buyer letting him know my selling intentions. So here, i have 0.0862 LTC which i want to sell for NGN 5,000.
The screenshot above shows all the transaction charges.

The chat is an end-to-end encrypted chat meaning that only me and the buyer sees it.

Then I hit the open trade button

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The next thing I will do is to move my asset to escrow by clicking on fund escrow for smart contract enhancement.

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I waited for more than 20 minutes but i guess the buyer was not available at that moment so i still will have to wait till the buyer comes online.
I must ensure that the buyer first credits my account before i release the funds. And if after 20 more minutes the buyer is still yet to be available, i can cancel the trade and find another buyer. But to make the trade more faster, i can always call the buyer if he was not online since he has provide his phone number and permits anyone to call him.

10 minutes to time out, the buyer came online, demanded for my account details and i provided him with it and then i waited for confirmation of payment before i released escrow. Note from the screenshot above that the buyer had already marked the transaction as paid, even when he didn't make the payment yet. So I had to wait to be credited first before releasing escrow.

After i was credited, i clicked on release escrow and confirmed the release.

And i finally rated the buyer.

Here is my transaction history as a Market Taker

Conclusion

Non-custodial Marketplace is a marketplace that allows users to be in control of their assets.
Localcryptos is one of the most widely used and known non-custodial market place because of its user friendly interface and the security it offers.
Buyers and sellers carry out transactions on the basis of smart contract.

Escrow service is always readily available to help maintain fairness during trading transactions by ensuring that contractual obligations are fulfilled amongst trading parties.

Buyers and sellers trading in Localcryptos can always initiate an end-to-end encrypted chat with each other to execute and complete payments according to the terms of payment of the trade.

Thanks for having me.

cc:
@sapwood